HSBC snaps up Axa Singapore assets for $575 mln in Asia expansion

HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid//File Photo

  • HSBC’s largest acquisition since 2012
  • Europe’s largest bank hopes to grow income in low-rate world
  • AXA trying to withdraw from areas where it lacks scale

SINGAPORE/HONG KONG, Aug 16 (Reuters) – HSBC Holdings (HSBA.L) has agreed to acquire French insurer Axa’s (AXAF.PA) Singapore assets for $575 million, part of its strategy of scaling up its wealth-management business in Asia to boost fee income.

HSBC said in a statement that the combined unit comprising HSBC Life Singapore and Axa

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